The North America Power Management System Market would witness market growth of 4.5% CAGR during the forecast period (2023-2030).
A power management system (PMS) is a collection of hardware and software elements created to optimize and regulate the electrical power distributed and consumed inside a certain system or facility. In contemporary power systems, ensuring effective energy usage, minimizing waste, and improving overall system reliability and stability is essential. The demand for these systems is driven by increased IoT and cloud platform usage and a rising industrial sector need for energy efficiency.
Several industries use the power management system, including power production, oil & gas, chemicals, and pharmaceuticals. Consequently, PMS have become crucial to the energy industry. The majority of emerging nations are concentrating on growing their energy industries. Rapid industrialization and urbanization are the main reasons propelling the market.
Additionally, the market is being driven by the rapid expansion of data centers, IT hubs, and commercial sectors, such as malls, hospitals, and industrial sectors. For example, mariners increasingly use these systems to increase energy efficiency because power conservation is one of the most important board functions. The market is expanding significantly due to incorporating a human-machine interface (HMI) that enables users to interact with generators while providing an overview of the entire power management system.
The U.S. electric grid, which has more than 9,200 electric generating units with a combined producing capacity of more than 1 million megawatts and more than 600,000 miles of transmission lines, is an engineering marvel. These systems are essential for optimizing energy generation, storage, and distribution in these microgrid systems. They ensure a reliable power supply while minimizing fuel consumption and emissions. Therefore, government initiatives and modernizations have consequently fueled the development of the market in this region.
The US market dominated the North America Power Management System Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $2.0 billion by 2030. The Canada market is estimated to witness a CAGR of 6.8% during (2023 - 2030). Additionally, The Mexico market would showcase a CAGR of 5.9% during (2023 - 2030).
Based on Module, the market is segmented into Power Monitoring & Control, Generator Controls, Load Shedding & Management, Switching & Safety Management, Power Simulator, Energy Cost Accounting and Data Historian & Others. Based on Type, the market is segmented into Software, Hardware and Services. Based on Industry, the market is segmented into Oil & Gas, Marine, Metal & Mining, Chemical & Petrochemical, Paper & Pulp, Utilities, Data Center and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Worldwide Power Management System Market is Projected to reach USD 8.1 Billion by 2030, at a CAGR of 5.2%
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include ABB Group, General Electric Company, Siemens AG, Eaton Corporation PLC, Schneider Electric SE, Emerson Electric Co., Mitsubishi Electric Corporation, Rockwell Automation, Inc., Honeywell International, Inc., and Fuji Electric Co., Ltd.
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